PPL, OMV Granted Two Exploration Licences in Pakistan

Pakistan Petroleum Limited (PPL) signed three Exploration Licenses (ELs) and Petroleum Concession Agreements (PCAs) with the Government of Pakistan in Islamabad on Friday for Blocks 2569-5 (Khipro East), 2866-4 (Margand) and 2867-5 (Kuhan), the last two in joint venture with OMV.

The two companies have partnered in successful ventures, including Sawan, Miano, Latifand Tajjal fields.

PPL intends to make an estimated total investment of $50 million in Khipro East and Margand to discharge minimum work commitment of 570 work units through acquisition, processing and interpretation of 2D/3D seismic and exploratory drilling during the first three years, PPL said.

The signing of the ELs and PCAs, which is the third round by the current government, concludes the grant of all blocks won by PPL in the last bidding round held in March 2013.

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